Adviser Tip: Age Pension Age

Age Pension Age Is 67 From 1 January 2024.

From 1 January 2024, anyone who hasn’t already attained Age Pension age will do so upon turning age 67. This applies to clients born on or after 1 January 1957. This is due to the increase in Age Pension eligibility age from 66.5 to 67 years on 1 July 2023 (the final increment in increasing pension age from age 65 to 67).

Things to consider that relate to Age Pension age when providing advice:

➡ Superannuation accumulation interests
➡ Transfer to Age Pension or stay on Carer Payment or Disability Support Pension
➡ Work Bonus
➡ Seniors and Pensioners Tax Offset (SAPTO)
➡ Commonwealth Senior Health Card (CSHC)
➡ Home Equity Access Scheme
➡ Termination Payments

Source: MLC